We have three accounts (checking, mutual fund and my IRA) all at one bank. My husband wants to roll over his IRA from work. Would it be safer for him to open his new IRA at a different bank or is it okay to have it at the same one?
IRA balances in FDIC-insured bank accounts are covered separately from other balances, up to a maximum insurance level per IRA customer of $250,000. Whether it is wise to put both IRAs in the same bank will depend on the balances involved and whether the IRA balances are invested in deposit accounts or other investments. Your husband should discuss the specifics of his situation with the IRA representative at his bank.
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